NFT tool Sketch launched by Access Protocol pumps ACS amid sector downturn
CryptoSlam data shows that the floor price and sales volume of most NFT collections have declined over the past month.
Access protocol stated that creators who use Sketch would get access to cutting-edge technologies for their NFT collections, allowing them to mint digital assets at lower prices. Additionally, the tool would also allow them to mint multiple NFTs simultaneously.
While Sketch is still in beta mode, the crypto content monetization company noted that it had recorded high interest from new creators who want to join the platform. Access protocol further urged other interest creators to register for product testing via a form.
Access protocol further described the tool as an NFT discovery and compression tool, allowing anyone to take advantage of the power of compression.
Interest in NFTs recedes
Meanwhile, the timing of this new NFT tool is interesting, considering the sector’s current state.
Data from CryptoSlam shows that the floor price and sales volume for most NFT collections across different blockchain networks have fallen by double digits in the last 30 days.
Additionally, CryptoSlate Insight reported a shift in the NFT landscape after the Ethereum network saw a significant reduction in gas consumption by marketplaces, including OpenSea and others. According to the report, the gas consumption rate is at levels last recorded in June 2021.
ACS price jump
Following the launch of the new tool, the Access protocol’s ACS token price soared by more than 15% in the last 24 hours to as high as $0.00239 before retracing to $0.00228 as of press time, according to CryptoSlate’s data.
Meanwhile, the recent gain is also coming on the heels of Access Foundation’s decision to burn about 13.8% of the total supply, representing 13.8 billion ACS. The Foundation explained that the burn became necessary as the protocol had enjoyed organic growth without use for its additional ACS incentives.
Despite the introduction of the burn, CoinMarketCap data shows that it has 25 billion tokens in circulation.
Disclaimer: CryptoSlate, a media partner of Access Protocol, received a grant.